Hempel, a supplier of coatings in the decorative, protective, marine, container and yacht markets, says it will continue to pursue strategic investments to grow the company thanks to a €500 million five- year revolving credit facility from HSBC, Nordea, SEB and another bank.
Hempel, the Danish maker of coatings for boats, hospitals, homes, wind turbines and other man-made structures will use the multi-currency facility to invest in the business, in line with Hempel’s five-year strategic plan and in order to refinance existing facilities.
HSBC and Nordea acted as joint mandated lead arrangers and joint book-runners for the funding package. Nordea acted as Coordinator and Facility Agent.
Jakob Byrge, Group Treasurer for Hempel, said: “We are delighted with the significant funding we have received, which we plan to use for general corporate purposes, refinancing and to finance organic as well as acquisitive growth. We celebrated our 100th anniversary last year, and with this new facility look forward to growing the business for another 100 successful years.”
Dan Howlett, HSBC UK Head of Corporate Banking, said: “HSBC has strong commercial relationships with some of the best and oldest businesses across Europe, none more so than Hempel. We are proud to be able to service their international banking needs through our global network, and look forward to continuing to work with them over the next 100 years.”
HSBC provides significant working capital lines to the Hempel Group across 24 countries, supported by UK-based HSBC Global Relationship Director Mark Ashworth.
Hempel was founded in 1915 and has over 5,000 employees who live and work in more than 80 countries around the world. The company believes in operating a green business model and invests in advanced waterborne products and innovation to help customers cut fuel consumption, reduce emissions and hit their environmental targets.
Hempel Group has made several acquisitions in recent years, 2011 Crown Paints, the UK-based decorative coatings manufacturer headquartered in the North West of England, 2014 Schaepman’s in the Netherlands and in 2015 Jones-Blair Company, USA.